India's non-life insurance industry reported its highest-ever revenue in January.
The gross premium underwritten by non-life insurers in January stood at Rs 25,542 crore, up 17% over the previous month, according to provisional data released by the General Insurance Council. The revenue was up 19% year-on-year and 47% higher than the corresponding pre-pandemic month in 2020.
Revenue for specialised state-run non-life insurers jumped 87% over December to Rs 2,408 crore. It, however, declined 13% over January 2022.
Revenue of general insurers, offering insurance for home, travel, motor, health, fire and other natural or man-made calamities, rose 13% over the preceding month to Rs 20,574 crore in January. Year-on-year, it rose 24%.
Standalone private health insurers' revenue was up 11% month-on-month at Rs 2,560 crore. It jumped 28% from a year earlier.
Here's how India's three listed non-life insurers fared in January:
ICICI Lombard General Insurance
Revenue rose 26% month-on-month and 16% year-on-year at Rs 2,080 crore.
Market share stood at 8.52% in January, compared with 8.28% a year earlier and 8.57% in December.
The New India Assurance
Gross premium fell 11% over the previous month but rose 42% year-on-year to Rs 3,170 crore in January.
Its market share fell to 13.75% from 15.19% a year earlier and 13.94% in the preceding month.
Star Health & Allied Insurance
Gross premium for the standalone health insurer rose 3% over the previous month and 16% year-on-year to Rs 1,195 crore in January.
Market share remained unchanged at 4.67% in January compared with December. However, it was below 4.83% a year earlier.
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